Electric Vehicle (EV) Sensor Market Opportunities And Strategies 2024-2033 – Size, Growth Analysis, Outlook, Overview

Overview and Scope

Electric vehicle (EV) sensors are specific devices used in electric vehicles to optimize performance efficiency and to detect characteristics such as pressure, temperature, and humidity to make vehicles more efficient, and safer.

Sizing and Forecast

The electric vehicle (ev) sensor market size has grown rapidly in recent years. It will grow from $8.33 billion in 2023 to $9.46 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%.  The  growth in the historic period can be attributed to government incentives, environmental regulations, battery innovation, consumer demand, supply chain improvements, infrastructure development..

The electric vehicle (ev) sensor market size is expected to see rapid growth in the next few years. It will grow to $15.3 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.  The growth in the forecast period can be attributed to ev market expansion, autonomous driving development, battery technology evolution, partnerships and collaborations.. Major trends in the forecast period include increased ev adoption rates, rising autonomous driving features, battery management systems, stringent emission standards, focus on vehicle safety..

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Segmentation & Regional Insights

The electric vehicle (ev) sensor market covered in this report is segmented –

1) By Product Type: Temperature Sensors, Current Sensors, Position Sensors, Pressure Sensors, Speed Sensors

2) By Propulsion: Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs)

3) By Sales Channel: OEM (Original Equipment Manufacturer), Aftermarket

North America was the largest region in the electric vehicle (EV) sensor market in 2023. The regions covered in the electric vehicle (ev) sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The increase in demand for electric vehicles is expected to propel the growth of the electronic vehicle (EV) sensors market. Electronic vehicles refer to vehicles that are either partially or fully powered by electric power. EV sensors are used in electric vehicles to read real-time signals and take necessary actions to manage in-vehicle functions such as ignition time, and speed control, assist in lowering gasoline prices, reduce carbon emissions, and enhance energy security. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, The increase in demand for electric vehicles is driving the growth of the electronic vehicle (EV) sensors market.

Key Industry Players

Major companies operating in the electric vehicle (EV) sensor market are focused on developing innovative products, such as a lithium-ion battery failure detection sensor, to gain a competitive advantage and expand their customer base. The Lithium-Ion Battery Failure Detection Sensor is an advanced safety device designed to identify early signs of failure in lithium-ion batteries by detecting gases released during the initial stages, enhancing safety for electric vehicles across industries. For instance, in November 2023, United Safety & Survivability Corporation, a US-based company specializing in advanced safety solutions, launched its latest breakthrough—a lithium-ion battery failure detection sensor. This innovative product establishes a new safety standard for electric vehicles across various industries. The sensor identifies early signs of failure by detecting gases released during the initial stages. This early detection capability allows for timely intervention before issues become critical. The sensor can operate independently or be integrated with a fire suppression system, such as the Fogmaker Fire Suppression System, offering a comprehensive solution for detection and suppression.

The electric vehicle (ev) sensor market report table of contents includes:

1. Executive Summary
2. Electric Vehicle (EV) Sensor Market Characteristics
3. Electric Vehicle (EV) Sensor Market Trends And Strategies
4. Electric Vehicle (EV) Sensor Market – Macro Economic Scenario
5. Global Electric Vehicle (EV) Sensor Market Size and Growth
…
31. Global Electric Vehicle (EV) Sensor Market Competitive Benchmarking
32. Global Electric Vehicle (EV) Sensor Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Vehicle (EV) Sensor Market
34.Electric Vehicle (EV) Sensor Market Future Outlook and Potential Analysis
35. Appendix

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